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SEACOR Holdings Announces Second Quarter Results

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FORT LAUDERDALE, FL--(Marketwire - July 23, 2008) - SEACOR Holdings Inc. (NYSE: CKH)
announced net income for the second quarter ended June 30, 2008 of $38.4
million, or $1.57 per diluted share, on operating revenues of $409.0
million. For the six months ended June 30, 2008, net income was $76.3
million, or $3.06 per diluted share, on operating revenues of $763.4
million.

For the quarter ended June 30, 2007, net income was $65.3 million, or $2.41
per diluted share, on operating revenues of $325.5 million. For the six
months ended June 30, 2007, net income was $103.4 million, or $3.80 per
diluted share, on operating revenues of $636.2 million.

Net income for the preceding quarter ended March 31, 2008 was $37.9
million, or $1.50 per diluted share, on operating revenues of $354.5
million. Comparison of results for the second quarter ended June 30, 2008
with the preceding quarter ended March 31, 2008 is included in the
discussion below.

Highlights for the Quarter

Offshore Marine Services - Operating income in the second quarter was $51.5
million on operating revenues of $171.2 million compared with operating
income of $40.6 million on operating revenues of $154.6 million in the
preceding quarter. Second quarter results included $14.4 million in gains
on asset dispositions compared with $7.1 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income in
the second quarter was $3.7 million higher than in the preceding quarter.
The improvement was primarily due to an increase in time charter revenues,
particularly in the U.S. Gulf of Mexico because of more rig moving
activity. Operating expenses increased in the second quarter, primarily due
to higher drydocking and insurance costs. The regulatory survey, major
repair and upgrade program of the Company's large AHTS vessels continued in
the second quarter resulting in 168 days of out-of-service time as well as
the cost of repairs. Administrative and general expenses were also higher
in the second quarter primarily due to the recognition of international
staff severance payments.

The number of days available for charter in the second quarter decreased by
143 or 0.9% as a result of a net decrease in fleet count. Overall
utilization increased from 76.7% to 80.5% and overall average day rates
were higher at $12,182 per day compared with $11,783 per day in the
preceding quarter.

Two new AHTS vessels were delivered during the second quarter, one in April
and one in June.

Marine Transportation Services - Marine Transportation Services reported
operating income in the second quarter of $2.4 million on operating
revenues of $28.8 million, compared with operating income of $6.9 million
on operating revenues of $29.0 million in the preceding quarter. First
quarter results included $3.6 million in gains on asset dispositions and a
one-time receipt of $1.5 million related to the early termination of a
charter party agreement.

Excluding the impact of gains on asset dispositions and the one-time
receipt, operating income was $0.5 million higher in the second quarter.
Operating results were positively impacted by fewer out-of-service days for
repairs, offset by mobilization costs and out-of-service time associated
with the regulatory drydocking of the Seabulk Arctic that will continue
into the third quarter.

Inland River Services - Operating income in the second quarter was $7.5
million on operating revenues of $33.3 million compared with operating
income of $8.0 million on operating revenues of $30.1 million in the
preceding quarter. Second quarter results included $1.5 million in gains on
asset dispositions compared with $0.7 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income was
$1.3 million lower in the second quarter. Continuing heavy rainfall in the
Midwest resulted in high water levels on the upper Mississippi and Arkansas
Rivers and unfavorable operating conditions throughout the entire river
system. Operating costs were affected by fuel price increases which were
not compensated for in freight rates and higher maintenance and repair
costs in respect of regulatory inspections for towboats and liquid tank
barges.

Aviation Services - Operating income in the second quarter was $6.7 million
on operating revenues of $63.8 million compared with operating income of
$1.9 million on operating revenues of $53.8 million in the preceding
quarter. Second quarter results included $3.2 million in gains on asset
dispositions compared to $0.4 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was
$2.0 million higher in the second quarter. The improvement was primarily
due to an increase in operating revenues from an expansion of international
leasing operations, the resumption of flightseeing operations in Alaska and
other seasonal factors. Operating expenses were higher in the second
quarter primarily due to the increased activity levels and the timing of
fleet repairs and maintenance.

Environmental Services - Operating income in the second quarter was $1.7
million on operating revenues of $38.0 million compared with operating
income of $4.8 million on operating revenues of $42.5 million in the
preceding quarter. The decrease in operating income was largely due to a
reduction in response and retainer services.

Commodity Trading - SEACOR's commodity merchandising group currently
focuses on renewable fuels and rice. Operating income in the second quarter
was $6.8 million on operating revenues of $55.4 million compared with
operating income of $1.2 million on operating revenues of $28.7 million in
the preceding quarter.

Harbor and Offshore Towing Services - Operating income in the second
quarter was $3.1 million on operating revenues of $19.9 million compared
with operating income of $1.1 million on operating revenues of $16.3
million in the preceding quarter.

The improvement in operating income was primarily due to increased
operating revenues as a result of tariff rate increases at two harbor
ports. Operating expenses were higher in the second quarter due to
increased drydocking and fuel costs and the cost of providing third-party
equipment to support terminal operations in St. Eustatius.

Net Interest Expense - Net interest expense was $7.3 million in the second
quarter compared with $4.1 million in the prior quarter. The increase was
primarily due to lower invested cash balances and lower capitalized
interest.

Derivatives - Derivative losses were $7.1 million in the second quarter
compared with gains of $6.5 million in the preceding quarter.

Foreign Currencies - Foreign currency gains were $0.6 million in the second
quarter compared with gains of $2.6 million in the preceding quarter.

Marketable Securities - Marketable security gains were $0.4 million in the
second quarter compared with losses of $5.7 million in the preceding
quarter.

Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from
joint ventures was $1.3 million in the second quarter compared with equity
in earnings of $4.6 million in the preceding quarter. In the second
quarter, one of the Company's inland river services joint ventures reported
lower earnings primarily due to securities and futures trading. During the
preceding quarter, the Company realized a gain of $1.9 million, net of tax,
arising from the sale of a vessel in one of its offshore marine services
joint ventures.

Stock and Debt Repurchases - During the second quarter, the Company
purchased 1,112,917 shares of its common stock at an average price of
$86.93 per share. At the end of the quarter, 21,117,375 shares of SEACOR's
common stock remained outstanding.

Capital Commitments - The Company's unfunded capital commitments as of June
30, 2008, consisted primarily of offshore marine vessels, harbor tugs,
helicopters and inland river barges and totaled $348.5 million, of which
$180.2 million is payable during the remainder of 2008 and the balance
payable through 2010. Of the total unfunded capital commitments,
approximately $52.3 million may be terminated without further liability
other than the payment of liquidated damages of $6.3 million in the
aggregate. As of June 30, 2008, the Company held balances of cash, cash
equivalents, restricted cash, available-for-sale marketable securities,
construction reserve funds and title XI reserve funds totaling $820.9
million.

SEACOR is a global provider of marine support and transportation services,
primarily to the energy and chemical industries. SEACOR and its
subsidiaries provide customers with a full suite of marine-related services
including offshore services, U.S. coastwise shipping, inland river
services, aviation services, environmental services, and offshore and
harbor towing services. SEACOR is focused on providing highly responsive
local service, combined with the highest safety standards, innovative
technology, modern efficient equipment, and dedicated, professional
employees.

This release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements concerning management's expectations, strategic objectives,
business prospects, anticipated economic performance and financial
condition and other similar matters involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of results to differ materially from
any future results, performance or achievements discussed or implied by
such forward-looking statements. Such risks, uncertainties and other
important factors include, among others: the conditions in the global
financial markets and international economic conditions including, interest
rate fluctuations, availability of credit, inflation rates, change in laws,
trade barriers, commodity prices and currency exchange fluctuations, the
cyclical nature of the oil and gas industry, loss of U.S. coastwise
endorsement for the Seabulk Trader, a retrofitted double-hull tanker, if
the company is unsuccessful in appealing a district court opinion
instructing the U.S. Coast Guard to revoke its coastwise charter, activity
in foreign countries and changes in foreign political, military and
economic conditions, changes in foreign and domestic oil and gas
exploration and production activity, safety record requirements related to
Offshore Marine Services, Marine Transportation Services and Aviation
Services, decreased demand for Marine Transportation Services and Harbor
and Offshore Towing Services due to construction of additional refined
petroleum product, natural gas or crude oil pipelines or due to decreased
demand for refined petroleum products, crude oil or chemical products or a
change in existing methods of delivery, compliance with U.S. and foreign
government laws and regulations, including environmental laws and
regulations, the dependence of Offshore Marine Services, Marine
Transportation Services and Aviation Services on several customers,
consolidation of the Company's customer base, the ongoing need to replace
aging vessels and aircraft, industry fleet capacity, restrictions imposed
by the Shipping Acts and Aviation Acts on the amount of foreign ownership
of the Company's Common Stock, increased competition if the Jones Act is
repealed, operational risks of Offshore Marine Services, Marine
Transportation Services, Harbor and Offshore Towing Services and Aviation
Services, effects of adverse weather conditions and seasonality on Aviation
Services, future phase-out of Marine Transportation Services' double-bottom
tanker, dependence of spill response revenue on the number and size of
spills and upon continuing government regulation in this area and
Environmental Services' ability to comply with such regulation and other
governmental regulation, changes in National Response Corporations' Oil
Spill Removal Organization classification, liability in connection with
providing spill response services, effects of adverse weather and river
conditions and seasonality on Inland River Services, the level of grain
export volume, the effect of fuel prices on barge towing costs, variability
in freight rates for inland river barges, the effect of international
economic and political factors in Inland River Services' operations,
adequacy of insurance coverage, the attraction and retention of qualified
personnel by the Company and various other matters and factors, many of
which are beyond the Company's control. In addition, these statements
constitute the Company's cautionary statements under the Private Securities
Litigation Reform Act of 1995. It is not possible to predict or identify
all such factors. Consequently, the following should not be considered a
complete discussion of all potential risks or uncertainties. The words
"estimate," "project," "intend," "believe," "plan" and similar expressions
are intended to identify forward-looking statements. Forward-looking
statements speak only as of the date of the document in which they are
made. The Company disclaims any obligation or undertaking to provide any
updates or revisions to any forward-looking statement to reflect any change
in the Company's expectations or any change in events, conditions or
circumstances on which the
forward-looking statement is based. The forward-looking statements in this
release should be evaluated together with the many uncertainties that
affect the Company's businesses, particularly those mentioned under
"Forward-Looking Statements" in Item 7 on the Company's Form 10-K and
SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is
incorporated by reference.